Standalone Flex Space with
For Sale
Under Contract
$1,699,000
16420 KILBOURN Avenue, Oak Forest, IL 60452
Commercial Sale, Oak Forest, IL
Property Size20,025 SF
Lot Size1.31 Acres
Price / SF$84.84
Days on Market159
Property Features for 16420 KILBOURN Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
INDUS
Directions
I-57 TO 167th STREET EAST TO KILBOURN AVE. NORTH TO THE BUILDING
Subdivision
Oak Forest
Standard status
Active Under Contract
APN
28224240140000
Lot size
1.31 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
24859
Utilities
Utilities
Water Available
Cooling system
Central Air
Amenities
conference room
IT room
kitchen and lunch room
blueprint room
Building Details
Year built
1977
Floors in Building
1
Number of units
1
Flooring type
Carpet, Tile, Concrete
Building materials
Brick, Concrete, Steel Siding
Listing Agency:
Village Realty, Inc.
(708) 478-1212
Listed By:
Ruben Vallejo · License #475130714
(708) 478-1212
Added: Mar 25
Changed: Aug 20
Last Checked: Aug 30 at 8:06PM
MLS# 12452259
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This standalone flex property combines warehouse, manufacturing, and office functions within a brick, concrete, and steel-sided building. The office component includes a main office, conference room, cubicle area, IT room, kitchen and lunch room, blueprint room, shop manager’s office, four bathrooms, storage, and a loft area. A demising wall separates the warehouse from manufacturing space. The building also features two interior docks, one drive-in door, 18-foot clear ceilings, fire sprinklers, central air, newer LED lighting with motion sensors, and a combination of carpet, tile, and concrete flooring. Racks and office furniture remain with the property.
The facility offers access to I-57, I-80, I-294, and I-94. Electrical service includes 800 amp, 3-phase capacity. The property was built in 1977 and has been freshly painted, with new carpet and ceiling tiles in portions of the building. A Cook County 6B property tax incentive is in place, expires in 7 years, and is renewable.
The facility offers access to I-57, I-80, I-294, and I-94. Electrical service includes 800 amp, 3-phase capacity. The property was built in 1977 and has been freshly painted, with new carpet and ceiling tiles in portions of the building. A Cook County 6B property tax incentive is in place, expires in 7 years, and is renewable.
Key Highlights
- Two interior loading docks plus one drive‑in door
- Approximately 4,500 SF of office space
- 18 FT clear ceiling height
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$104,673
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,093,460
$2.1M
Cap Rate 7%
$1,495,329
$1.5M
Cap Rate 9%
$1,163,033
$1.2M
Market Conditions
NOI Build-Up for 20,025 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$129.8K $6.48/SF
− Vacancy
−$6.6K −$0.33/SF
EGI
$123.1K $6.15/SF
− OpEx
−$18.5K −$0.92/SF
NOI
$104.7K $5.23/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,093,460
Cap Rate 7%
$1,495,329
Cap Rate 9%
$1,163,033
Alternative Uses
Best Use
Office B
$3.94M
$3.45M – $4.60M
NOI $276,112 @ 7.0% cap · market cap 16.25%
Second Best
Flex RnD
$3.01M
$2.64M – $3.51M
NOI $210,863 @ 7.0% cap · market cap 12.41%
Theoretical Best
Office A
$6.91M
$6.05M – $8.07M
NOI $483,960 @ 7.0% cap · market cap 28.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18 ft
Clear height
2
Dock-high doors
1
Drive-in doors
Yes
Sprinkler system
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60452, IL
27,363
Population
10,557
Households
2.6
Avg Household Size
40
Median Age
30%
College-Educated
92%
High-School Grad
8.6 sq mi
ZIP Area
3,182
Density / Sq Mi
$89,167
Median Household Income
$47,519
Median Earnings
$1,287
Median Rent
$249,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property with separated warehouse and manufacturing areas, substantial office buildout, and upgraded lighting.
Where is this flex space located?
The property is located at 16420 KILBOURN Avenue Oak Forest, IL.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Two interior loading docks plus one drive‑in door; Approximately 4,500 SF of office space; 18 FT clear ceiling height
